Construct a T-account representing the account impacted by the transaction in 3-12. Post all of the journal entries to these T-accounts. Compute the ending balance in each account. Assume that the beginning balance in the T-account is zero.
Refer to PE 3-2. Make the journal entry necessary to record the transaction.
Impact of a Transaction
The company used $45,000 in cash to purchase land on the west side of Hatu Lake.
The solution constructs a journal entry and a post t-account.